GST Overview and Taxable Events
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Questions and Answers

Which of the following services is exempt from GST?

  • Supply of food in a restaurant
  • Sale of alcoholic beverages in restaurants
  • Renting machinery for agricultural use (correct)
  • Providing full-time educational services (correct)

What is the GST rate applicable on a room tariff above $7500 in hotels?

  • 18% (correct)
  • 28%
  • 5%
  • 12%

What is the taxable event under GST?

  • Supply of goods/services (correct)
  • Delivery of products
  • Payment receipt
  • Collection of tax

Which of these statements is true regarding hospital services?

<p>Non-ICU hospital rooms above $5000 attract 5% GST. (B)</p> Signup and view all the answers

What is the GST rate charged on movie tickets?

<p>28% (D)</p> Signup and view all the answers

Which type of educational services is taxable at 18% GST?

<p>Skill development programs (C)</p> Signup and view all the answers

What GST rate applies to non-ICU hospital rooms with rent over $5000?

<p>5% (B)</p> Signup and view all the answers

Which of the following does NOT attract GST?

<p>Providing food in a restaurant (A)</p> Signup and view all the answers

Which type of service is included in the exemptions from tax?

<p>Supply of farm labour (D)</p> Signup and view all the answers

What is the GST rate applied to alcoholic beverages served in restaurants?

<p>5% (C)</p> Signup and view all the answers

What constitutes the time of supply under GST?

<p>When goods/services are considered supplied (A)</p> Signup and view all the answers

Which of the following statements about hospital services is correct?

<p>Hospital room rents below 5000 are exempt from GST. (A)</p> Signup and view all the answers

What is the GST applicable on educational services that are not full-time?

<p>18% (D)</p> Signup and view all the answers

Which products attract a GST rate of 18% in the context of medical supplies?

<p>Medicines and medical supplies (B)</p> Signup and view all the answers

What happens to the GST rate for hotel room tariffs above 7500?

<p>It increases to 18%. (D)</p> Signup and view all the answers

Which of the following is NOT considered a factor in determining the place of supply for GST?

<p>Time of supply (D)</p> Signup and view all the answers

Flashcards

GST Exempt Agricultural Services

Certain agricultural services, like cultivation, harvesting, and machinery rental for farming, are exempt from GST.

Taxable Event (GST)

In GST, the supply of goods or services is the event that triggers the tax.

Restaurant GST Rate

GST on restaurant services (AC/non-AC, alcoholic/non-alcoholic) is 5%.

Hotel GST (Low Tariff)

Hotels with room tariffs up to ₹7500/day have a GST rate of 12%.

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Hotel GST (High Tariff)

Hotels with room tariffs above ₹7500/day have a GST rate of 18%.

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Time of Supply

The moment when a good or service is considered to have been supplied; a key concept for calculating taxes.

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Place of Supply

The location where a good or service is supplied, determining the appropriate GST rate.

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Medical Supplies GST Rate

Medicines and other medical supplies have a standard GST rate of 18%.

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GST Exempt Services

Specific agricultural services, like farming and machinery rental, are not subject to GST.

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Taxable Event (GST)

The supply of goods or services is the event that triggers the GST.

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Restaurant GST Rate

GST for restaurants (air conditioned and not air conditioned, alcohol and non-alcohol) is currently 5%.

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Hotel GST (High Tariff)

Hotels with rooms above ₹7500/day have a 18% GST rate.

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Hospital Room GST (low cost)

Hospitals charging up to ₹5000 per day for rooms have no GST.

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Hospital non-ICU GST

Non-ICU hospital rooms with room rent above ₹5000 per day carry 5% GST.

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GST on Cinema

Cinema tickets attract 28% GST, while food and drinks sold there attract 18%

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Time of Supply

The specific time when a good or service is considered supplied for tax purposes.

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Study Notes

GST Executive Summary

  • Goods and services tax (GST) includes items like food grains, milk, eggs, curd, and vegetables in the daily life of people.
  • Services like cultivation, harvesting, farm labor, fumigation, and renting agricultural machinery are exempt from GST.
  • Services provided by agricultural marketing committees or boards, educational programs, religious activities, and yoga development are exempt.

Taxable Events in GST

  • In GST, the taxable event is the supply of goods or services.
  • Restaurant goods and services tax rate is 5% (non-alcoholic).
  • Hotel GST rate is 12% up to ₹7500 per day/unit, and 18% above.
  • Educational institutions are exempt, except other services which are 18%.
  • Medical supplies have a 18% GST rate.
  • Hospital rooms under ₹5000 are exempt, but above ₹5000 have a 5% GST rate.
  • Movie tickets have a 28% GST rate. Food and beverages sold in outdoor catering have a 18% GST rate.

Time Value and Place of Supply

  • Time of supply is the point when goods or services are considered supplied.
  • The place of supply determines the right tax to be charged on the invoice.
  • Value of supply is GST calculated based on value.

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Description

This quiz covers the essentials of the Goods and Services Tax (GST) including exemptions and taxable events. It explores specific rates applicable to various goods and services, as well as the implications for businesses and consumers. Test your knowledge on how GST impacts daily life and specific industries.

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